My arrival in Monte Carlo ended up being 16 hours later than planned, involving planes, trains and automobiles and an overnight stay in Paris. This meant I ended up having 14 meetings as opposed to 17. Apologies to those I had to stand up.
I attended the Monte Carlo Rendez-Vous de Septembre 2024 wearing two hats, one as Guernsey Finance’s UK Insurance Representative and one as a director of HIPCC, Hampden’s Guernsey Protected Cell Company.
Alongside some very worthwhile meetings, the highlight of my trip was co-hosting Guernsey Finance’s Champagne Reception at the Hotel Hermitage on the Tuesday evening with Rupert Pleasant, Guernsey Finance’s Chief Executive. We had a spectacular venue on a terrace overlooking the marina, with the sun shining, which was a relief after the biblical rains on Sunday.
The Guernsey Finance Champagne Reception is one of the few events at the Rendez-Vous that attracts such an eclectic gathering of high calibre guests, and this year was no exception. From bankers to brokers, from fund and investment managers to insurers and reinsurers, from accountants to lawyers and journalists. All are welcome and this year was attended by more than ever, around 200 guests, with both new and old attendees.
After being welcomed by Rupert, we were treated to a keynote speech from Eric Andersen, President of Aon, which was a huge privilege and great to hear his thoughts, especially his very positive thoughts about Guernsey.
One quote in particular stood out to me. He said: “A lot of the innovation that makes its way across the entire firm starts in Guernsey. It is a place where we will continue to invest in, a place we're going to continue to look to for leadership and how we drive our business forward.”
It was great to hear how Guernsey is such a key place for Aon and a place from where innovation originates. Aon being a prime example of putting these innovative ideas and structure into practice.
The general message from the Rendez-Vous seemed to be ‘steady as she goes’, although concerns over casualty, especially in the US, was highlighted. Of course, all of this depends on how the next 12 or so weeks of this year’s hurricane season pans out. However, at our reception there was a lot of talk around Guernsey and the latest developments from the island, from Guernsey being the premier jurisdiction for captives in Europe, to The Red Cross’ volcanic risk parametric catastrophe bond issued out of Guernsey using an ICC structure, and the recently issued Randolph cat bond, being the first cat bond issued by a Guernsey PCC structure. It is good to see Guernsey at the forefront of such issues as climate change and sustainability and the development of innovative ideas in dealing with these issues and others.
The reception was a huge success and many thanks to all who came. Also, I would like to thank all those who helped behind the scenes and the exquisite Hotel Hermitage.
Finally, and by no means least, many thanks to our sponsors, Aon, Marco Capital and Ogier, along with A M Best, Carey Olsen, MarcoRe, Polo Commercial Insurance, Polo Managing Agency, REplexus, Schroders Capital and White Rock, without whom the reception would not have been possible.
